John Farina's U.S. Development Secures $73.8M Construction Loan For Salato Pompano Beach

The asset involved in this transaction is a development site located at 305 Briny Avenue in Pompano Beach. U.S. Development is set to start the construction of Salato Pompano Beach, a 40-unit condominium project that will provide direct beach access, over 20,000 square feet of amenities, and 2,700 square feet of retail space. The project has secured a construction loan of $73.8 million.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $73,800,000
• Address: 305 Briny Avenue
• Market: Pompano Beach
• Lender: Maxim Capital Group & BH3 Management
• Landlord: John Farina - U.S. Development
• Broker: Jason Krane - Ackman-Ziff

The key individuals in this transaction include John Farina, representing U.S. Development as the landlord, and Jason Krane from Ackman-Ziff, who arranged the construction loan with Maxim Capital Group and BH3 Management. The condominium project's design will be executed by Randall Stofft Architects, with construction expected to be completed before the end of the 2026 season.